Incoming MS1 in their lat 20's seeking perspective on loan strategy
I’m 27 and will be starting at my in-state MD program this fall. I received a merit scholarship covering a little over one-third of total COA, and I expect federal loans will cover the remainder without needing private loans. I currently have no debt, but also essentially no assets or retirement savings yet.
One of my biggest priorities is maintaining flexibility and control over my future career path. Because of that, I’ve been very reluctant to pursue service-based programs like HPSP, NHSC, or really anything that requires long-term commitments. Even PSLF doesn’t particularly appeal to me for similar reasons.
My tentative plan is fairly straightforward: borrow what I need through federal loans, complete training, then aggressively pay the loans off early as an attending by “living like a resident” for however many years that takes.
I realize this is easier said than done, and I know I’m still financially inexperienced. I’m trying to evaluate whether this approach is actually rational and pragmatic, or whether I’m underestimating major risks/opportunity costs with this route.
For those who chose to self-fund medical school and aggressively repay loans:
- What blind spots should I be thinking about now?
- What factors most changed your perspective during training?
- Generally speaking, if you were in my shoes, what do you think would be critical to understand before taking on ~$200k in federal loans?
I’m not looking for validation for or against programs like HPSP. I’m mainly trying to determine how I can make a concise plan that prioritizes flexibility and independent repayment.
Thanks for any insight.